AUD is inclined to growth. Overview for 26.03.2024

The Australian dollar has moved into positive territory against the US dollar. The current AUDUSD exchange rate stands at 0.6540.

Consumer sentiment in the Australian economy in March retreated from its 20-month peak as concerns about the economic prospects and household finances have come to the fore. According to Westpac observations, the consumer sentiment index lost 1.8% in March after rising by 6.2% in February. The index reached 84.4 points, indicating that pessimists still outnumber optimistic consumers.

The February data provided hope that consumer discouragement that prevailed for the last two years was finally beginning to dissipate. The March report does not confirm this. At best, the momentum will be slow and leisurely.

Last week, the Reserve Bank of Australia kept the interest rate unchanged at 4.35% per annum. It softened its commentary on the likelihood of future interest rate hikes and described the economic outlook as well-balanced.